CBI: Controversial...but Critical to the Future
Established in 2013 through an act of parliament, the Antigua and Barbuda Citizenship by Investment Program (CIP) was intended to increase foreign direct investment. It was envisioned as a way to promote development without imposing any new taxes on the country’s 100-thousand citizens.
Today, the program makes up about 10% of the country’s overall budget revenue. Prime Minister Gaston Browne told CIJN this kind of non-tax revenue helped the country “create fiscal space, [to] continue to fund government operations.”